Truist Financial Increases First Industrial Realty Trust (NYSE:FR) Price Target to $60.00

First Industrial Realty Trust (NYSE:FR) had its price objective increased by Truist Financial from $54.00 to $60.00 in a report issued on Monday, Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

A number of other analysts have also weighed in on FR. Robert W. Baird cut their price objective on shares of First Industrial Realty Trust from $62.00 to $56.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. Scotiabank cut their price objective on shares of First Industrial Realty Trust from $55.00 to $50.00 and set a sector perform rating on the stock in a research note on Thursday, May 16th. BNP Paribas assumed coverage on shares of First Industrial Realty Trust in a report on Tuesday, June 4th. They set an outperform rating and a $57.00 price target on the stock. Wedbush downgraded shares of First Industrial Realty Trust from an outperform rating to a neutral rating and lowered their price target for the stock from $59.00 to $49.00 in a report on Thursday, April 25th. Finally, The Goldman Sachs Group increased their price target on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a sell rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $54.27.

First Industrial Realty Trust Stock Performance

First Industrial Realty Trust stock traded up $0.97 during mid-day trading on Monday, reaching $52.32. 818,804 shares of the company traded hands, compared to its average volume of 1,053,283. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.16 and a quick ratio of 1.16. First Industrial Realty Trust has a fifty-two week low of $40.44 and a fifty-two week high of $55.92. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 24.11 and a beta of 1.07. The firm’s fifty day moving average is $49.40 and its two-hundred day moving average is $50.30.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). The company had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 EPS. On average, equities research analysts expect that First Industrial Realty Trust will post 2.61 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of institutional investors have recently bought and sold shares of FR. Allspring Global Investments Holdings LLC increased its position in shares of First Industrial Realty Trust by 46.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in First Industrial Realty Trust by 4.8% during the 2nd quarter. Azzad Asset Management Inc. ADV now owns 6,472 shares of the real estate investment trust’s stock worth $307,000 after buying an additional 295 shares during the last quarter. Cornercap Investment Counsel Inc. grew its position in shares of First Industrial Realty Trust by 1.8% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 20,912 shares of the real estate investment trust’s stock worth $1,101,000 after acquiring an additional 363 shares in the last quarter. CWM LLC grew its position in shares of First Industrial Realty Trust by 31.9% in the 4th quarter. CWM LLC now owns 1,613 shares of the real estate investment trust’s stock worth $85,000 after acquiring an additional 390 shares in the last quarter. Finally, Fortem Financial Group LLC increased its holdings in shares of First Industrial Realty Trust by 4.6% in the 2nd quarter. Fortem Financial Group LLC now owns 9,868 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 438 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.